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Thermo Electron to call 4¼%, 4 5/8% convertibles
New York, Feb. 19 - Thermo Electron Corp. said it will redeem all $398 million of its outstanding 4¼% convertible subordinated debentures due 2003 and all $58 million of its outstanding 4 5/8% convertible subordinated debentures due 2003.
The redemption date is March 21 and both series of securities will be redeemed at par plus accrued interest.
Holders may convert their securities into Thermo Electron common stock up until the close of business on March 6. The 4¼% debentures convert at $32.09 per share and the 4 5/8% debentures at $34.22 per share. Thermo Electron stock closed at $20.55 on Feb. 15.
The 4 5/8% convertibles were originally issued by Thermo TerraTech Inc. and were assumed by Thermo Electron in its merger with Thermo TerraTech in September 2000, according to the Waltham, Mass. instruments and technology company.
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